Coastal Reflections

Going Solar

Do Solar While the Credit Shines

New Federal Solar Tax Credits (pdf file)

We've been toying with the idea of going solar for hot water heating for a few years, especially with this new tax credit available (our state - the sunshine state of all places! - does not offer one).  Dh is the solar water heating specialist for his employer so he would do all the work himself and get a great price on all the materials needed.  What's holding us back???  Hurricanes.  Dh had so many solar panels to replace after the 2004 hurricanes blew through here (we suffered Frances and Jeanne that year) for his clients and he had firsthand experience at how shabbily the insurance companies paid for damages.  Of course they counted depreciation on the panels based on the age, but what they all paid came nowhere near the cost of replacing a panel.  Many of dh's clients had to elect to go back to electric water heating because they just didn't have the money to make up the difference between their insurance settlement and the cost of the new panels.  I suppose we'll be on the fence about this issue for a while, especially until we see how this hurricane season turns out.  I would love, love, love to do solar though.  Great for the environment and great for the pocketbook!

Anyone taking advantage of this new tax credit this year or next?